Within his freshly published autobiography, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on the chaotic period during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he selected that unorthodox economist Yanis Varoufakis to be the finance minister primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, in reality, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader alleges that his finance chief had his own agenda which included advancing his publications and testing out his theories on the nation rather than truly fighting for its financial survival.
Tsipras noted that those negotiations to prevent bankruptcy were “not only a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of his theories.”
High-Stakes Talks
Amid tense negotiations, Greece came dangerously close to exiting the eurozone.
At stake was both the country's future and those punishing austerity policies demanded in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
In July 2015, the harsh bailout terms were put to a public vote, an action which plunged Europe into a further crisis of identity.
Although the referendum was carried decisively by those against austerity, Tsipras had little option to reject its outcome and negotiate a rescue deal with creditors which proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included creating a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself “unfit for an agreement that required complex and delicate management.”
Tsipras also wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for Grexit.
The retelling of events has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
